We learned that the Walker & Dunlop Seniors Housing Investment Sales team of Josh Jandris, Brett Gardner, Tony Cassie, Mark Myers, Gideon Orion, Jordyn Berger, Alex Vice, and Sam Thompson represented Calamar in the sale of its 25-property senior apartment/active adult portfolio under the brand name “Connect55+” for $502 million, or $172,000 per unit. They are located primarily in non-coastal East Coast and Midwest locations, with concentrations in western New York and Pennsylvania and the Kansas City area. Monthly rents average $1,300, and the portfolio maintained high levels of occupancy throughout the pandemic. There was an average length of stay above five years. There were 18 stable communities, two in lease-up, and five currently under construction, with an average age of eight years.
Welltower was the buyer, which it plans to fund through cash, the assumption of debt and the issuance of UPREIT Operating Partnership Units. Following the transaction, Welltower will expand its ownership of active adult units to nearly 10,000. Calamar will operate the portfolio going forward.
Additionally, the Walker & Dunlop team has another $2.6 billion of offerings on the market, including a number of large and small skilled nursing portfolios on both coasts and in the Midwest. So we’ll be hearing from them soon.
